VSMAX vs VXF: 74% overlap
Vanguard Small-Cap Index Admiral and Vanguard Extended Market ETF share 73.9% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 1.3. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VSMAX and VXF hold 1,169 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VSMAX | in VXF | Δ |
|---|---|---|---|
| CASH | 1.7% | 3.8% | 2.1% |
| CRDO | 0.5% | 0.5% | 0.0% |
| ALAB | 0.4% | 0.7% | 0.3% |
| NTRA | 0.4% | 0.4% | 0.0% |
| RVMD | 0.5% | 0.4% | 0.0% |
| TWLO | 0.4% | 0.4% | 0.0% |
| CRS | 0.3% | 0.3% | 0.0% |
| MKSI | 0.4% | 0.3% | 0.0% |
| CW | 0.3% | 0.3% | 0.0% |
| FTAI | 0.3% | 0.3% | 0.0% |
Where VSMAX and VXF differ
Sector weights as a share of each fund, ordered by the size of the gap rather than the size of the sector — two funds that overlap heavily still usually diverge somewhere.
| Sector | VSMAX | VXF | Δ |
|---|---|---|---|
| Real Estate | 7.1% | 4.8% | +2.3pp |
| Cash and/or Derivatives | 1.7% | 3.8% | −2.1pp |
| Information Technology | 16.1% | 17.6% | −1.5pp |
| Utilities | 3.3% | 1.9% | +1.5pp |
| Communication Services | 3.0% | 4.5% | −1.4pp |
| Materials | 5.3% | 4.1% | +1.3pp |
| Health Care | 11.9% | 13.2% | −1.2pp |
| Industrials | 21.0% | 19.8% | +1.2pp |
Δ is VSMAX minus VXF, in percentage points. Sector data is not published by every issuer, so “Unclassified” is a real category rather than a gap in the table.
What each fund holds alone
21.3% of VSMAX by weight, held in no part of VXF.
22.1% of VXF by weight, held in no part of VSMAX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VSMAX | VXF | |
|---|---|---|
| Top 10 holdings | 5.6% | 10.6% |
| Positions held | 1,308 | 3,327 |
| Cost per $10,000 held, per year | $5 | $5 |
Cost is the expense ratio applied to $10,000; it excludes any brokerage commission, bid-ask spread or tax consequence. Figures are facts about the funds, not a suggestion about which to hold.
Frequently asked
How much do VSMAX and VXF overlap?
VSMAX and VXF overlap 73.9% by portfolio weight — substantial duplication if you hold both. They share 1,169 holdings. The figure comes from current issuer holdings files (VSMAX as of 2026-06-30, VXF as of 2026-06-30).
How is the overlap between VSMAX and VXF calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VSMAX holds a stock at 6% and VXF holds the same stock at 4%, 4% counts as shared. The result is bounded between 0% and 100%, and it is computed after looking through any fund-of-funds to the underlying holdings.
Is it redundant to hold both VSMAX and VXF?
That depends on your goals — we state facts, not advice. At 73.9% overlap, most of what one fund holds, the other holds too. Expense ratios: VSMAX 0.05% versus VXF 0.05%.
What does VSMAX own that VXF doesn't?
VSMAX holds 1,308 positions and VXF holds 3,327; 139 of VSMAX's positions don't appear in VXF at all, and they are 21.3% of VSMAX by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, VSMAX as of 2026-06-30, VXF as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.